Given $45,000 worth of total assets and a net worth of $25,000, what is the total balance of liabilities?(1 point)
−$20,000
$70,000
$20,000
$15,000
The total balance of liabilities can be calculated by subtracting the net worth from the total assets:
Total liabilities = Total assets - Net worth
Total liabilities = $45,000 - $25,000
Total liabilities = $20,000
Therefore, the total balance of liabilities is $20,000.